National Oilwell's CEO to Step Down

National Oilwell Varco Inc. Chairman and Chief Executive Merrill A. "Pete" Miller Jr. plans to step down when the company completes a planned spinoff of its distribution business to become the executive chairman of that company.

National Oilwell said Clay Williams was appointed to the board and will succeed Mr. Miller as chairman and chief executive. Mr. Williams has been the company's president and chief operating officer...